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Board of Governors of the Federal Reserve System

12/15/2025 | Press release | Distributed by Public on 12/15/2025 14:17

A Robust Risk Framework for Offline Payments

December 2025

A Robust Risk Framework for Offline Payments

Bikash Poudel, Sarah Carey, Robert Flynn, Chakrapani Narayan, Richard Payne, Eshwar Satrasala, Seaira Spooney, and James Lovejoy

Abstract:

The capability to make offline digital payments is emerging as a vital component of the broader payments ecosystem, especially in scenarios in which internet connectivity is unavailable such as during a crisis or natural disaster. Offline digital payment services offer a secure and reliable alternative to cash. Even so, there are a limited number of viable offline payment protocols in production today. Our work introduces a comprehensive model for a secure, end-to-end offline payment experience using consumer-grade smartphones. Our model employs a robust cryptographic protocol and tamper-evident secure element (SE) hardware to prevent double-spending and counterfeiting while preserving user privacy.

Keywords: Diary of Consumer Payment Choice (DCPC), Digital wallet, Payment System

DOI: https://doi.org/10.17016/FEDS.2025.105

PDF: Full Paper

Board of Governors of the Federal Reserve System published this content on December 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 15, 2025 at 20:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]